A residential building collapses in flames after an Israeli air strike on Gaza city. Reuters
A residential building collapses in flames after an Israeli air strike on Gaza city. Reuters
A residential building collapses in flames after an Israeli air strike on Gaza city. Reuters
A residential building collapses in flames after an Israeli air strike on Gaza city. Reuters

Third Gaza tower block destroyed as Israel claims 100,000 have fled offensive


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Israel's Prime Minister Benjamin Netanyahu claimed on Sunday that 100,000 Palestinians have already left Gaza city during an Israeli advance that many fear will displace them for good.

Mr Netanyahu told a meeting of his government that Israel's army was “intensifying the operation” to take control of Gaza city. He said troops were bringing down “nefarious terrorist high-rises”, as a third tower block was attacked in three days.

Israel said the latest high-rise target was used as a Hamas observation post as it attacked the building shortly after issuing an "evacuation" warning. At least five Palestinians were killed in further strikes on the city on Sunday, news agency Wafa said. Across Gaza, health officials said 87 bodies were taken to hospitals from Saturday to Sunday, while five more people died of malnutrition.

The UN declared a famine in Gaza city last month, and Israel's army has been piling pressure on Palestinians to depart for an uncertain fate in southern Gaza. Many have been reluctant to do so despite hunger and heavy shelling, fearing that Israel means to relocate them for good.

“We have established an additional humanitarian corridor to enable the civilian population in Gaza to leave for a safe place and receive humanitarian assistance there. In the meantime, approximately 100,000 people have left Gaza,” Mr Netanyahu said on Sunday.

“Hamas is trying to do its utmost so that no one will go and they will stay there in order to serve as human shields for it … we want to focus on the terrorists themselves and enable the civilian population to go out.”

Israel's advancing army has ramped up pressure on Palestinians to leave Gaza city. Getty Images
Israel's advancing army has ramped up pressure on Palestinians to leave Gaza city. Getty Images

It was not possible to verify Mr Netanyahu's claim about how many of Gaza city's one million people had left. A coalition of aid workers had said last week that fewer than 15,000 had left after Israel declared Gaza city a “dangerous combat zone” in late August.

Israel's Foreign Minister Gideon Saar said the war could end immediately if Hamas laid down arms and released the Israeli hostages it still holds. “We will be more than happy to reach this objective with political means,” he said.

In response, Hamas official Basem Naim told Reuters the group would release all of the hostages if Israel agreed to end the war and withdraw its forces from Gaza – which is the group's longstanding position.

Israel defied an international outcry over the famine to launch a its new air and ground offensive on Gaza city late last month. Troops have been advancing towards the city centre after an initial aerial bombardment.

On Saturday, an air strike flattened the last high-rise building standing in Gaza city's Al Sousi complex, after three had been destroyed in earlier attacks. The military had ordered people to leave shortly beforehand.

Israel has blown up high-rise buildings in Gaza city which it claims are used by Hamas. AP
Israel has blown up high-rise buildings in Gaza city which it claims are used by Hamas. AP

The Israeli military said Hamas had installed intelligence-gathering equipment in the Al Sousi building and planted explosives around it, while directing attacks on its troops from tunnels nearby.

It made similar claims before destroying Al Mushtaha Tower, a 12-storey residential building in the west of the city, on Friday.

The Gaza government media office rejected the military's claims in a statement issued after the Al Sousi building was destroyed, which said residential buildings were being destroyed “as part of a systematic forced displacement plan”.

“We affirm, with the testimony of the residents themselves, that these towers are strictly monitored, entry is permitted exclusively for civilians, and the resistance does not operate from these residential towers in any form,” it said.

Mr Netanyahu drew strong condemnation from Egypt and other Arab countries after suggesting in an interview that Gazans wanted to leave their homeland to flee the war but could not do so because Egypt would not let them enter.

On Saturday, the UAE's Ministry of Foreign Affairs reaffirmed the country's support for Egypt and condemned Mr Netanyahu's statement. It said such statements were a “blatant infringement on the inalienable right of the Palestinian people to remain on their land and establish their independent, sovereign state”.

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COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: September 07, 2025, 5:06 PM